TY  - JOUR
AU  - Buiter,Willem H.
AU  - Gersovitz,Mark
TI  - Issues in Controllability and the Theory of Economic Policy
JF  - National Bureau of Economic Research Technical Working Paper Series
VL  - No. 2
PY  - 1981
Y2  - July 1981
UR  - http://www.nber.org/papers/t0002
L1  - http://www.nber.org/papers/t0002.pdf
N1  - Author contact info:
Willem H. Buiter
Citigroup Centre
Canada Square, Canary Wharf
London E14 5LB
UNITED KINGDOM
E-Mail: willembuiter@btinternet.com
AB  - The paper demonstrates that the concepts of dynamic controllability are useful for the theory of economic policy by establishing four propositions. First dynamic controllability is a central concept in stabilization policy. Second, the ability to achieve a target state, even if it cannot be maintained. may be of economic interest. Third, dynamic controllability is of special interest for 'historical' models. Fourth, the conditions for any notion of dynamic controllability are distinct from and weaker than those for Tinbergen static controllability.
ER  -